Bill Discounting Norms

Q.  RBI has imposed a fine of Rs. 1 crore on which of the following banks for flouting bill discounting norms?
- Published on 16 Feb 17

a. Syndicate Bank
b. United Bank of India
c. Indian Overseas Bank
d. UCO Bank

ANSWER: UCO Bank
 
Reserve Bank of India has told state-run UCO Bank to pay Rs 1 crore penalty for flouting bill discounting norms which allowed current account holders siphon out funds.

UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India.

UCO Bank's headquarters is on BTM Sarani, Kolkata.

UCO Bank

Founded : 6 January 1943; 73 years ago
Headquarter : Kolkata, India
Current Head : Mr. Ravi Krishan Takkar (Chairman & MD)

Other Major Banks that have headquarters at Kolkata are -

Allahabad Bank

Founded : 24 April 1865; 151 years ago
Headquarter : Kolkata
Current Head : Rakesh Sethi (Chairman & MD)

United Bank of India

Founded : 1950; 66 years ago
Headquarter : Kolkata
Current Head : Pawan kumar Bajaj (MD & CEO)

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